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Walking your bid up with zero intention to buy is risky if you’re not obligated to your telegraphed max. But I agree on the latter points. It’s utility theory.
Agree, but in this specific case do you think the DAO would have stopped bidding before hitting their max budget?
Yeah no chance. That’s why future DAOs will have to be savvier regardless. Had this been an easier to value asset (like something that produces cash flow) then this strategy is a guaranteed way to be the victim of the winner’s curse.
This used to happen in wine auctions btw! Bids from parties related to the seller, or sometimes the auctioneer would simply make up bids. Michael Broadbent was accused of it multiple times but nothing ever proven.
Speaking of 
wine, of course it always comes back to wine….have you looked into the Premiere Napa Valley Wine Auction wines at Costco? Is there edge to buying these? They have chateau d’yquem at great prices at Costco, but I haven’t done enough research on the above.
How can they obfuscate the bid if everything is on chain? Though if they left the contract open and uncapped…
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